This is the latest in a multi-part post dedicated to recording my experiences working with a buyer to purchase a REO or bank owned home Santa Clara. After submitting 4 offers where we were out bid each time we finally got a contract accepted. The property is 716 Kiely Blvd., in Santa Clara. It is in [...]
Spotting trends in the market is certainly the way to find the market bottom of the Santa Clara Valley real estate market. In this post I am looking specifically at Santa Clara, Sunnyvale, Mountain View, Los Altos, Saratoga, Los Gatos, and Los Altos markets. Looking at Sales and Inventory information to get an idea of how [...]
FREQUENTLY ASKED QUESTIONS
SHORT SALES: THE LONG AND SHORT OF IT
1. What is a short sale?
A short sale* is a sales transaction in which the seller’s lender agrees to accept a payoff of less than the balance due on the loan. In addition to absorbing any loss on the loan, the lender in most [...]
With so many bank owned properties you would think it should be easy to snag one of these properties for yourself. The problem is that you are not the only one thinking that way. Here in Santa Clara County we experience about 40 REO properties a day. Most pertain to areas like
Continue reading about Follow Up on Foreclosure and REO Offers
The Santa Clara home market sales continues to perform better than last years numbers. So far this year 61 homes have sold versus last year’s 38 during the same time period. Inventory numbers are about the same across the boad, and will start picking up. More likely to see some further price decreases, but [...]
Continue reading about Home Inventory Update Santa Clara County
This week I submitted two offers for REO properties for two separate clients. One was a single family 3 bedroom 2 bath home in Santa Clara that was listed at $400,000. The home was in poor condition but the price reflected it. My experience with REOs (bank owned properties) is that they are seldom i [...]
Continue reading about Experience in Buying an REO in Santa Clara & San Jose
The current trend in the marketplace is focused on the impact of foreclosures across the country. This trend has resulted in various opinions on the types of distressed property sales (Short Sale, Deed in Lieu and Foreclosure) and its impact on a borrower’s FICO score.
This topic, which is raised in news articles, has generated many [...]
Continue reading about The Impact of Foreclosures on FICO Scores
Economic Stimulus and Tax Credit
Tax Credit for Homebuyers
First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent [...]
Continue reading about Economic Stimulus and Tax Credit